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Report Date : |
20.07.2013 |
IDENTIFICATION DETAILS
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Name : |
FAIRMONT & MAIN LTD. |
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Registered Office : |
Unit 9 Jubilee Way Grange Moor Wakefield, WF4 4TD |
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Country : |
United Kingdom |
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Financials (as on) : |
31.05.2012 |
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Date of Incorporation : |
20.05.1994 |
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Com. Reg. No.: |
02931622 |
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Legal Form : |
Private Parent |
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Line of Business : |
Wholesale of other household goods |
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No. of Employees : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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United Kingdom |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED KINGDOM - ECONOMIC OVERVIEW
The UK, a leading trading power and financial center, is the
second largest economy in Europe after Germany. Over the past two decades, the
government has greatly reduced public ownership and contained the growth of
social welfare programs. Agriculture is intensive, highly mechanized, and
efficient by European standards, producing about 60% of food needs with less
than 2% of the labor force. The UK has large coal, natural gas, and oil
resources, but its oil and natural gas reserves are declining and the UK became
a net importer of energy in 2005. Services, particularly banking, insurance,
and business services, account by far for the largest proportion of GDP while
industry continues to decline in importance. After emerging from recession in
1992, Britain's economy enjoyed the longest period of expansion on record during
which time growth outpaced most of Western Europe. In 2008, however, the global
financial crisis hit the economy particularly hard, due to the importance of
its financial sector. Sharply declining home prices, high consumer debt, and
the global economic slowdown compounded Britain's economic problems, pushing
the economy into recession in the latter half of 2008 and prompting the then
BROWN (Labour) government to implement a number of measures to stimulate the
economy and stabilize the financial markets; these include nationalizing parts
of the banking system, temporarily cutting taxes, suspending public sector
borrowing rules, and moving forward public spending on capital projects. Facing
burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition
government (between Conservatives and Liberal Democrats) initiated a five-year
austerity program, which aimed to lower London's budget deficit from over 10%
of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the
Exchequer George OSBORNE announced additional austerity measures through 2017
because of slower-than-expected economic growth and the impact of the euro-zone
debt crisis. The CAMERON government raised the value added tax from 17.5% to
20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014.
The Bank of England (BoE) implemented an asset purchase program of up to £375
billion (approximately $605 billion) as of December 2012. During times of
economic crisis, the BoE coordinates interest rate moves with the European
Central Bank, but Britain remains outside the European Economic and Monetary
Union (EMU). In 2012, weak consumer spending and subdued business investment
weighed on the economy. GDP fell 0.1%, and the budget deficit remained
stubbornly high at 7.7% of GDP. Public debt continued to increase
Source
: CIA
Fairmont &
Main Ltd.
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Business
Description
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Fairmont & Main Limited was established in 1994 by Philip and
Glennis Harrison with a commitment to offering our customers good quality tableware,
greater value and excellent service. During the last twenty years we have
done just that and in the process established ourselves as a trusted and
well-respected tableware brand. We have a significant nationwide retailer
network including multiple-store groups, many independent stores, china
retailers, cook-shops, gift shops and garden centres, each providing
enthusiastic support and advice about the Fairmont & Main brand. Fairmont
& Main also has a fully transactional website, confirming our commitment
to offering our customers convenient access to excellent quality and value
via all appropriate channels. UK designers are constantly developing stylish
and desirable new products, guiding our overseas factories with our extensive
knowledge and understanding of our customers' preferences and lifestyle
fashion trends. More recently, tableware has been supplemented by kitchen
textiles, cookware and ceramic gift items, all with the same emphasis on
quality, value and convenience. To all of you, from all of us at Fairmont
& Main - Thank you for shopping with us! Philip Harrison Managing
Director |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Financial
Summary
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1 - Profit &
Loss Item Exchange Rate: USD 1 = GBP 0.6291588
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6443334
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Executives Report
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Annual Return Date: 20 May 2013
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Individual Directors |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Current |
11 Aug 1944 |
Hagg Wood House Wood Bottom, Hagg Lane Lower Hopton, |
20 May 1994 |
NA |
Current:4 |
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Current |
24 Oct 1950 |
Hagg Wood House Wood Bottom, Hagg Lane Lower Hopton, |
20 May 1994 |
NA |
Current:2 |
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Previous |
18 Jun 1940 |
165 Stoops Lane, Bessacarr, |
20 May 1994 |
28 Oct 1994 |
Current:0 |
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Previous |
16 Jul 1939 |
165 Stoops Lane, Bessacarr, |
20 May 1994 |
28 Oct 1994 |
Current:0 |
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Corporate Directors |
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Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
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London Law Services Limited |
Previous |
84 Temple Chambers, Temple Avenue, |
20 May 1994 |
NA |
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Individual Secretaries |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Current |
11 Aug 1944 |
Hagg Wood House Wood Bottom, Hagg Lane Lower Hopton, |
28 Oct 1994 |
NA |
Current:4 |
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Previous |
18 Jun 1940 |
165 Stoops Lane, Bessacarr, |
20 May 1994 |
28 Oct 1994 |
Current:0 |
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Corporate Secretaries |
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Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
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London Law Secretarial Limited |
Previous |
84 Temple Chambers, Temple Avenue, |
20 May 1994 |
NA |
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Individual Shareholders |
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Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
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Glennis Anne Harrison |
4162 Ordinary GBP 0.01 |
Ordinary |
4,162 |
0.01 |
41.62 |
41.62 |
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Philip Vaughan Harrison |
5838 Ordinary GBP 0.01 |
Ordinary |
5,838 |
0.01 |
58.38 |
58.38 |
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Corporate Shareholders |
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There are no corporate shareholders for this company. |
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate (Period
Average) |
0.629159 |
0.634143 |
0.6282 |
0.61899 |
0.498857 |
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Consolidated |
No |
No |
No |
No |
No |
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Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate |
0.644333 |
0.607552 |
0.688255 |
0.620136 |
0.506022 |
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Consolidated |
No |
No |
No |
No |
No |
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Total Tangible Fixed Assets |
1.9 |
2.1 |
1.9 |
2.1 |
2.6 |
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Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Fixed Assets |
1.9 |
2.1 |
1.9 |
2.1 |
2.6 |
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Total Stocks Work In Progress |
0.9 |
0.9 |
0.9 |
1.1 |
1.2 |
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Total Debtors |
0.5 |
0.8 |
0.8 |
0.7 |
0.9 |
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Cash and Equivalents |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
1.4 |
1.7 |
1.7 |
1.8 |
2.2 |
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Total Assets |
3.4 |
3.8 |
3.6 |
3.9 |
4.8 |
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Other Current Liabilities |
1.4 |
1.4 |
1.4 |
1.5 |
1.9 |
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Total Current Liabilities |
1.4 |
1.4 |
1.4 |
1.5 |
1.9 |
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Other Long Term Loans |
- |
- |
0.2 |
0.3 |
0.6 |
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Other Long Term Liabilities |
0.6 |
0.8 |
0.7 |
0.7 |
0.9 |
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Total Long Term Liabilities |
0.6 |
0.8 |
0.8 |
1.1 |
1.5 |
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Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Issued Capital |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Retained Earnings |
1.5 |
1.6 |
1.4 |
1.3 |
1.5 |
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Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Shareholders Funds |
1.5 |
1.6 |
1.4 |
1.3 |
1.5 |
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Net Worth |
1.5 |
1.6 |
1.4 |
1.3 |
1.5 |
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Annual Cash
Flows |
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Financials in:
USD (mil) |
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|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.629159 |
0.634143 |
0.6282 |
0.61899 |
0.498857 |
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Consolidated |
No |
No |
No |
No |
No |
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Annual Ratios |
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Financials in:
USD (mil) |
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|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.644333 |
0.607552 |
0.688255 |
0.620136 |
0.506022 |
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Consolidated |
No |
No |
No |
No |
No |
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Current Ratio |
1.07 |
1.16 |
1.21 |
1.19 |
1.19 |
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Liquidity Ratio |
0.41 |
0.55 |
0.55 |
0.49 |
0.52 |
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Borrowing Ratio |
- |
- |
11.54% |
25.18% |
42.68% |
|
Equity Gearing |
43.04% |
41.96% |
38.14% |
34.25% |
30.25% |
|
Debt Gearing |
- |
- |
11.54% |
25.18% |
42.68% |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.79 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.